I am new to the forum and recently started rebuilding after a Ch 7 BK filing 4+ yrs ago (90% of my debt was spread between 2 Citi cards that got sold off well before filing and the remaining was Discover who sued and is what led to filing). I initially applied for a MC from Ollo about 2 yrs after the file and was declined and decided not to even mess with rebuilding for a while. 2 more years and with the Ollo inquiry no longer showing, I started the rebuild in earnest I started off with $400 limit Discover It secured (November '21) and at the beginning of Feb I did the Capital One preapproval check and got a $2k unsecured QS1. Current balances are Discover: $0 posted, $89 pending and had ~$150-250 each month in total spend that's been PIF each time. Cap 1 QS1 balance is $37 posted, $121 pending and I've had $2000+ in total spend this month. My current plan is to keep using the Discover at a relatively low dollar amount (but still more than just the $16 recurring bill I have on it) in order to get it converted to unsecured. For the Cap 1 QS1 I probably won't have quite as high of usage as this month since I held off on ordering a new cell phone until this card came (so I could use the rewards to help offset the $39 annual fee), but still expect to use regularly for many of my day to day purchases (gas, dining, groceries etc) and PIF. I'm looking to keep gardening these for ~6 months before applying for anything else . I have no other debt at this time and have about $2k in savings (rebuilding savings after spending over $4k in car repairs in a 12 month period). I also have no FICO score currently due to the age of my accounts. It looks like I had scores for TU and EQ when I first opened the Discover as I had two old consolidation loans that originated in 2003 and were paid off in 2014 that were still reporting as paid right until January. Any suggestions as to what should be next or if staying in a holding pattern is the right move?
@Zoostation1 wrote:I am new to the forum and recently started rebuilding after a Ch 7 BK filing 4+ yrs ago (90% of my debt was spread between 2 Citi cards that got sold off well before filing and the remaining was Discover who sued and is what led to filing). I initially applied for a MC from Ollo about 2 yrs after the file and was declined and decided not to even mess with rebuilding for a while. 2 more years and with the Ollo inquiry no longer showing,
I started the rebuild in earnest I started off with $400 limit Discover It secured (November '21) and at the beginning of Feb I did the Capital One preapproval check and got a $2k unsecured QS1. Current balances are Discover: $0 posted, $89 pending and had ~$150-250 each month in total spend that's been PIF each time. Cap 1 QS1 balance is $37 posted, $121 pending and I've had $2000+ in total spend this month. My current plan is to keep using the Discover at a relatively low dollar amount (but still more than just the $16 recurring bill I have on it) in order to get it converted to unsecured.
For the Cap 1 QS1 I probably won't have quite as high of usage as this month since I held off on ordering a new cell phone until this card came (so I could use the rewards to help offset the $39 annual fee), but still expect to use regularly for many of my day to day purchases (gas, dining, groceries etc) and PIF. I'm looking to keep gardening these for ~6 months before applying for anything else . I have no other debt at this time and have about $2k in savings (rebuilding savings after spending over $4k in car repairs in a 12 month period).
I also have no FICO score currently due to the age of my accounts. It looks like I had scores for TU and EQ when I first opened the Discover as I had two old consolidation loans that originated in 2003 and were paid off in 2014 that were still reporting as paid right until January. Any suggestions as to what should be next or if staying in a holding pattern is the right move?
Broke it down and added paragraphs. Easier to read. So you have a secured Disco $400 and a $2000 Cap1 QS. You dont have to wait 2 yrs for inq's to fall off.to apply for credit. FICO only holds them for 1 year. They are a minor hit. I dont understand the no score. All the accounts included in BK and the newer accounts you have now do generate a score. Go to credit.com. Sign up and get all your FICO scores then cancel before the trial runs out. Report back with your scores. List out who got burned in your BK. Then we can go from there. Also any open installment loans? Were more then happy to help you build a profile. But need more info.
I've got no open installment loans and the no score info came from trying to purchase my scores from myFICO.. it wouldn't process the transaction because of no scores. Experian also says I have no score when I log into their site. I'll try the credit.com site and report back.
As for who got burned it was mostly two Citi accounts and started with non payment in 2012 when I became unemployed. One account i had previously closed was $16k and the other was $13k. Both debts were sold off prior to filing. Discover was $2.2k. Student loans got behind as well but got those paid off in 2013 or 14 (don't remember the exact date, but fell off TU in Jan, and EQ in Feb. but showed as a paid in full with no negative).
Update: credit.com can't pull TU (not sure why) and says EQ and EX have no score due to not enough history' (accounts less than 6 months old).
